Libyan Economist Reminds Monetary Stability Tops CBL’s Duties

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The economist and founder of the Libyan capital market, Suleiman al-Shuhumi, said that the integrity of the banking system and the preservation of monetary stability are the most important duties of the Central Bank of Libya and its governor.

“Maintaining monetary stability and the integrity of the banking system is the first and most important duty of the central bank and its governor, not preserving foreign currency reserves,” al-Shuhumi argued in a post on his official Facebook page.

He went on saying: “The reserves will have no benefit if they do not contribute to achieving monetary stability, and there is no effective banking system that serves the dealers and is able to fulfil banking requirements of all kinds.”

The CBL in Tripoli, issued a statement on Thursday evening, regarding the briefing of the “parallel parliament” to Sadiq al-Kabir, the governor of the bank, who was dismissed by Libya’s eastern based Parliament.

In a session which he described as “consultative”, al-Kabir presented what he called the developments of the Libyan economy to the members of the “parallel parliament” and his call for greater cooperation among economic decision-makers.

The statement said that he opened the session, on Thursday, with a presentation on the main challenges facing the economy and thanked the pivotal role that the Central Bank of Libya plays in achieving the country’s basic stability in the economic and financial levels.

Al-Kabir claimed that the CBL is an independent monetary authority that distances itself from political polarisation and disputes. He added that the CBL is the authority that manages and protects Libyan assets and financial resources for the benefit of everyone, regardless of their place of residence.

After the session ended, al-Kabir pointed out that cooperation between all the main economic actors in Libya has become necessary to achieve financial sustainability.